A fintech startup ClearBank nets $230M from Apax Partners to expand its services to Europe and the US
A UK fintech startup ClearBank developed cloud-based financial rails to permit efficient real-time payment services
The fintech startup based in the UK was founded in 2015 and launched in 2017 by Charles McManus. The company’s CEO stated that the company previously has raised £195 million from investors like Canadian billionaire businessman John Risley, Private equity firm PPF group, and Northern Private Capital, and this is its new valuation after Apax Partners. Pitchbook data notes that the ClearBank valuation was underneath £274 million at the end of December making the current valuation at £590 million at its most conservative estimate.
Nick Ogden originally founded the company who is also the founder of WorldPay Group. The UK-based ClearBank has 200 customers currently. Larger financial organizations and fintech are opting for its infrastructure to permit faster, efficient, and reliable transactions. UK-based businesses Tide and Oaknorth, and other international companies such as Coinbase are also employing ClearBank for financial payment services for its UK customers.
Fintech is maturing with the time
Different financial organizations are now infusing fintech technology to offer easier accessibility to people to carry out their financial concerns. However, the increasing trend of the fintech services that have moved the entire financial organization is now innovating to provide faster and more reliable transactions.
ClearBank is the first clearing bank that launched in the UK in 250 countries. However, ClearBank aims to use its financial rails to run faster payment services in the UK. The company is continuing to expand its services in the home market as well as abroad. “Our aim is to provide real-time services for everything,” says Charles McManus. “That means a greater level of comfort, visibility, and faster transactions,” the CEO stated.
ClearBank offers links to four main channels to handle payments in the UK, Faster Payments, direct debut, CHAPS, and BACS. APAX digital partner Mark Beith said in a statement that “We’ve seen the power of its platform first-hand, and we are excited to partner with Charles and the existing shareholders to take ClearBank global.”